经济租金对企业现金持有影响的实证研究

An Empirical Study on the Effect of Economic Rent on Cash Holding

基于经济租金理论和企业现金持有的动机理论,从理论上分析经济租金的存在对企业现金持有的影响.通过选取2010年~2018年我国A股上市公司相关数据构建面板模型进行实证分析发现:(1)经济租金对企业现金持有具有显著的正向作用,经济租金越高的企业其现金持有的愿望就越强烈.(2)企业经营水平、创新能力及投资规模会对企业现金持有水平产生显著的促进作用.根据这些研究结果,就如何增加企业现金持有提高其市场竞争力提出相关政策建议.

Based on the theory of economic rent and the motivation of cash holding,this paper analyzes the influence of economic rent on cash holding theoretically.By selecting the data of A⁃share listed companies in China from 2010 to 2018 to construct a panel model for empirical analysis,it is found that:(1)economic rent has a significant positive effect on corporate cash holding,and the higher the economic rent is,the stronger the desire of corporate cash holding is.(2)The operation level,innovation ability and investment scale of an enter⁃prise will significantly promote the cash holding level of the enterprise.According to these results,this paper puts forward relevant policy suggestions on how to increase the cash holding of enterprises and improve their market competitiveness.